Alterra, located in San Jose, California, was sold on July 10,2018 for $52,500,000 ($367,133 per unit). In February 2014, Sares Regis Multifamily Fund I acquired Alterra, a gated 143-unit Class B two-story garden-style apartment community for $36,400,000 ($254,545 per unit).
Built in 1988, the property is situated on 5.1 acres and is centrally located off the 87 and 280 freeways in Santa Clara County. The property is anchored by a strong technology employment base including Cisco, IBM and Samsung Semiconductors and benefits from local barriers to home ownership. Given the good condition of both the exteriors and common areas, the value-add renovation plan focused on modernizing unit interiors.
Based on solid operating performance, the property sold in a competitive bidding process to a California-based private investor.